Topwater Capital
- Company typePrivate
- Founded2002
- HeadquartersNorwalk, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
Topwater Capital firmographics
Firmographics- Name
- Topwater Capital
- Legal name
- Topwater Capital, a division of Leucadia Asset Management LLC
- Website
- https://topwaterpartners.com
- Company type
- Private
- Founded year
- 2002
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Ownership category
- akta.pro rank
Topwater Capital industry classification
Industry- Product category
- Institutional Asset Management
- NAICS
- Portfolio Management and Investment Advice (52394), Portfolio Management and Investment Advice (523940)
- SIC
- Investment Advice (6282)
- akta.pro primary industry
- Managed Account / SMA Multi-Manager Platforms (FSANAGAL)
- akta.pro secondary industry
- Advisory Portfolio Management (Non-Discretionary) (FSAAABAD)
Keywords
Where Topwater Capital is headquartered
LocationHeadquarters
- HQ city
- Norwalk
- HQ country
- United States
- HQ region
- North America
Offices1 record
Markets served
Topwater Capital business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Personnel, Operations, Technology or R&D, Marketing or Sales, Infrastructure
Revenue model
- Asset Management Fees: Topwater Capital generates revenue by allocating capital to select investment managers through managed accounts, earning fees on assets under management. The firm operates as a division of Leucadia Asset Management LLC within Jefferies Financial Group.
Go-to-market motion1 record
Distribution channels2 records
Marketing channels1 record
Topwater Capital product offering
Product offeringCore offering
Topwater Capital identifies and allocates capital to a select group of high pedigree investment managers with defined strategies through managed accounts, employing a first-loss model of fund investments. The firm sources, structures, funds, and risk-monitor first-loss managed accounts for these managers, operating as a division of Leucadia Asset Management LLC within Jefferies Financial Group.
Product overview
Topwater Capital is a single, unified investment management platform operated as a division of Leucadia Asset Management LLC. The firm identifies select high pedigree investment managers with defined strategies and allocates capital to them through managed accounts, using a first-loss model pioneered by co-heads Bryan Borgia and Travis Taylor since 2002. The core offering is the managed account allocation service for investment managers seeking capital deployment.
Differentiator
Problem solved
Functional benefit
Products and services
- Topwater Capital Managed Account Platform Identifies and allocates capital to high pedigree investment managers with defined strategies through managed accounts, employing a first-loss model of fund investments pioneered by the management team since 2002. Designed for institutional and qualified investment managers seeking structured capital allocation and risk monitoring support.
Companies that use Topwater Capital
Customer profileNamed customers1 record
Segments1 record
Ideal customer profiles2 records
Topwater Capital technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Topwater Capital partnerships and signals
Strategic signalPartnerships
Three partnerships are on record, tiered core and flagship.
- Golden State Equity PartnerscoreColton Lightner, founder of Topwater Capital, joined Golden State Equity Partners' network of independent financial advisors. This partnership enables Topwater to reach end-client investors through Golden State's advisor network, with assets custodied at Raymond James.
- Leucadia Asset Management LLCflagshipTopwater Capital is a division of Leucadia Asset Management LLC (LAM), a wholly-owned subsidiary of Jefferies Financial Group Inc. (NYSE: JEF). LAM provides institutional infrastructure, brand backing, and operational support for Topwater's investment management activities.
- Raymond JamescoreRaymond James serves as the custodian for assets managed through the Golden State Equity Partners independent advisor network, where Topwater Capital founder Colton Lightner operates.
Scale indicators1 record
Recent moves5 records
Expansion highlights3 records
Topwater Capital competitors and assessment
Company assessmentDirect peers
- iCapital Network: iCapital operates a financial technology platform connecting alternative investment managers with advisors and investors, directly comparable to Topwater's role of channeling institutional capital to select managers.
- Envestnet: Envestnet operates a leading managed account and unified wealth management platform serving advisors with multi-manager model portfolios, overlapping directly with Topwater's multi-manager managed account value proposition.
- Lockwood Advisors: Lockwood Advisors (a Pershing affiliate) provides managed account programs and unified managed account (UMA) platforms to advisors, directly comparable to Topwater's model of allocating capital to select managers in managed accounts.
Emerging players
- CAIS: CAIS is an alternative investment platform providing advisors access to structured alts and hedge funds; overlaps with Topwater's manager allocation model but with broader alternative focus and newer entrant status.
- Addepar: Addepar provides a wealth management technology platform for advisors and family offices, with overlap on multi-manager portfolio reporting and structured managed account infrastructure similar to Topwater's risk-monitoring platform.
Broad incumbents
- BlackRock: BlackRock operates model portfolios, SMA platforms, and multi-manager solutions for advisors globally, comparable in underlying managed account platform mechanics but as a global incumbent far larger than Topwater.
- Goldman Sachs Asset Management: GSAM offers extensive multi-manager and managed account programs (including fund-of-funds and custom portfolios), making it a broad incumbent in the same category as Topwater but at vastly greater scale and with a full product suite.
- Russell Investments: Russell Investments is a long-established multi-manager and managed account platform operator, offering outsourced CIO services and manager-of-manager programs highly comparable to Topwater's niche.
Others
- Mercer Advisors: Mercer Advisors is a national RIA that uses institutional manager selection and managed account portfolios for HNW clients, thematically related to Topwater's strategy of curating high-pedigree managers into client portfolios.
Regional players
- Wellington-Altus Private Wealth: Wellington-Altus is a Canadian independent wealth management network providing multi-manager and managed account solutions, comparable in model but with a primarily Canadian footprint rather than US-focused Topwater.
Market position
Strengths4 records
Weaknesses5 records
Competitive moat4 records
Key risks2 records
Key highlights5 records
Customer concentration
Topwater Capital social profiles
Digital presenceTopwater Capital financial estimates
Financial estimateRevenue estimate
Valuation estimate
Topwater Capital leadership team
Management profileNumber of profiles
Profiles3 records
Topwater Capital funding detail
Funding detailFunding overview
Funding rounds
Investors
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Topwater Capital M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Topwater Capital
What does Topwater Capital do?
Topwater Capital identifies and allocates capital to a select group of high pedigree investment managers with defined strategies through managed accounts, employing a first-loss model of fund investments. The firm sources, structures, funds, and risk-monitor first-loss managed accounts for these managers, operating as a division of Leucadia Asset Management LLC within Jefferies Financial Group.
Is Topwater Capital a public or private company?
Topwater Capital is a private company. It is classified as corporate owned and is currently operating.
When was Topwater Capital founded?
Topwater Capital was founded in 2002. It employs 11 to 50 people.
Where is Topwater Capital based?
Topwater Capital is headquartered in Norwalk, United States, in the North America region.
How does Topwater Capital make money?
One revenue line is on record: asset Management Fees.
Who are Topwater Capital's main competitors?
Direct peers on record are iCapital Network, Envestnet and Lockwood Advisors. Emerging players are CAIS and Addepar. Broad incumbents are BlackRock, Goldman Sachs Asset Management and Russell Investments. Mercer Advisors is listed as an others. Wellington-Altus Private Wealth is listed as a regional player.
Does Topwater Capital have an API?
No public API is recorded for Topwater Capital.
What industry is Topwater Capital in?
Topwater Capital's product category is Institutional Asset Management. Its primary akta.pro industry code is FSANAGAL, Managed Account / SMA Multi-Manager Platforms, with a secondary code of FSAAABAD, Advisory Portfolio Management (Non-Discretionary). Its NAICS code is 52394 and its SIC code is 6282.